All the illusions concerning the indemnities are now fated to
disappear. They have already vanished for the other countries; they
are about to vanish in the case of Germany.
Nevertheless it is right that Germany should pay an indemnity. Yet, if
the conquerors cannot meet their foreign debts, how can the vanquished
clear the vast indemnity asked? Each passing day demonstrates more
clearly the misunderstanding of the indemnity. The non-experts have
not learned financial technics, but common sense tells them that the
golden nimbus which has been trailed before their eyes is only a thick
cloud of smoke that is slowly dissipating.
I have already said that the real damages to repair do not exceed
40 milliards of gold marks and that all the other figures are pure
exaggerations.
If it be agreed that Germany accept 20 per cent. of the inter-allied
debt, the indemnity may be raised to 60 milliards of francs at par, to
be paid in gold marks.
But we must calculate for Germany's benefit all that she has already
given in immediate marketable wealth.
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